More than a decade ago, Blue Ocean Strategy shook the business world with its strategic approach to abandoning the competitive model and finding new customers. The theory revolves around "making the competition irrelevant"—going beyond the customers you already have and tapping into a new “blue ocean” of opportunity. In this episode of In Process, John Monahon and Evelyn Ashley are joined by Zunaira Munir, Senior Expert of the Global Blue Ocean Strategy Network to discuss how the book’s principles remain important today.
“Blue Ocean is so systematic that anybody can take these tools and systematically go about with creative ideas,” says Munir. The systematic approach covers all aspects of breaking into a new business strategy, from identifying and minimizing risk to upping value.
Competition has always been thought of as an unavoidable part of business—in fact, many people keep competition at the core of their business strategy. Likewise, innovation has long been considered a sensibility that only some of us have; Born-entrepreneurs waking up with lightbulbs above their heads and the natural drive to see ideas through, while the rest of us simply follow their lead. But Blue Ocean Strategy turns those misconceptions on their ears, introducing step-by-step frameworks that make the process easy to apply as a company.
What’s most important? “Value innovation:” a solution that pursues both high-value and low-cost strategies simultaneously.
Stream this week’s episode of In Process and listen as Munir breaks down key objectives of Blue Ocean Strategy, explains whether small businesses can implement its principles, and spells out the way creativity can be learned For more from In Process, subscribe to the podcast on iTunes.